New York, USA, May 01, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Digital Storage Devices Market Research Report: By Type, By Application, By Storage, By Usage (Individual, Enterprise) – Forecast till 2030”, the global market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy growth rate of approximately 10.05%.
Digital Storage Devices Market Overview
The global digital storage services market is projected to grow at a significant rate over the forecast period (2022-2030), according to the latest report by Market Research Future (MRFR). The market is driven by the increasing adoption of cloud-based storage services, data analytics, and the growing demand for storage solutions among various end-use industries. The report offers a comprehensive analysis of the market dynamics, trends, and challenges influencing the market growth.
Digital Storage Devices Market Competitive Analysis
The global digital storage services market is highly competitive, with several key players operating in the market. Some of the key players in the market include
- IBM Corporation
- Microsoft Corporation
- Amazon Web Services, Inc.
- Dell Technologies Inc.
- Google LLC
- Hewlett Packard Enterprise Development LP
- Hitachi Vantara Corporation
- NetApp, Inc.
- Pure Storage, Inc.
- Western Digital Corporation
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Digital Storage Devices Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 9.5 Billion |
| CAGR during 2022-2030 | 10.05% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | The large internet-based service companies that are functional in various locations have sought out more efficient methods of scaling out a large number of servers with a huge storage, as demand for cloud services grew and are growing tremendously. |
Covid-19 Impact on Digital Storage Services Market
The Covid-19 pandemic has significantly impacted the digital storage services market. The outbreak of the pandemic has resulted in the disruption of global supply chains, leading to a shortage of raw materials and components, which has affected the production and distribution of digital storage devices. The pandemic has also led to the increasing adoption of cloud-based storage services, as remote work and online education have become the new normal. The shift towards cloud-based services is expected to continue in the post-pandemic era, driving the market growth.
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Industry Trends
The digital storage services market is witnessing several trends that are driving the market growth. The increasing demand for cloud storage services and data analytics is one of the major trends in the market. Cloud storage services offer several benefits, such as scalability, flexibility, and cost-effectiveness, which are driving their adoption among various end-use industries. Data analytics is also gaining traction as it helps organizations to gain insights into their operations, customers, and market trends, which can help them to make informed decisions.
Market Segmentation
The global digital storage services market has been segmented based on type, deployment, organization size, end-use industry, and region.
By type, the market has been segmented into cloud storage, hybrid storage, and on-premise storage. The cloud storage segment is expected to dominate the market over the forecast period due to the increasing adoption of cloud-based services.
By deployment, the market has been segmented into private cloud, public cloud, and hybrid cloud. The public cloud segment is expected to dominate the market over the forecast period due to its cost-effectiveness and scalability.
By organization size, the market has been segmented into small and medium-sized enterprises (SMEs) and large enterprises. The SMEs segment is expected to grow at a higher CAGR over the forecast period due to the increasing adoption of cloud-based storage services among SMEs.
By end-use industry, the market has been segmented into IT and telecom, BFSI, healthcare, retail, manufacturing, and others. The IT and telecom segment is expected to dominate the market over the forecast period due to the increasing demand for data storage and management solutions in the industry.
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Regional Analysis
The global digital storage services market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW). North America is expected to dominate the market over the forecast period due to the presence of several key players and the increasing adoption of cloud-based services in the region. Europe is expected to be the second-largest market due to the increasing adoption of digital technologies in the region. The Asia-Pacific market is expected to grow at the highest CAGR over the forecast period due to the increasing adoption of cloud-based services in the region.
Competitive Analysis
Recent Developments in Digital Storage Devices Market: Market Leaders Focused on Advancements in Technology
The digital storage devices market is a highly competitive space, with market leaders focused on advancements in technology to stay ahead of the competition. Recent developments in the market include new product launches, partnerships and collaborations, and mergers and acquisitions.
Western Digital Corporation, a major player in the digital storage devices market, recently launched a new range of high-capacity hard drives that offer industry-leading reliability and performance. The company has also announced a partnership with IBM to develop new storage solutions for AI and cloud applications.
Another major player in the market, Seagate Technology PLC, has announced a partnership with Tencent Cloud to develop a new cloud-based data storage solution. The solution is designed to provide customers with a highly reliable and secure platform for storing and managing their data.
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In addition, Samsung Electronics Co., Ltd. has announced a merger with SanDisk Corporation to create a new leader in the digital storage devices market. The merger is expected to result in increased innovation and collaboration in the market, as the two companies bring together their expertise in memory and storage solutions.
The digital storage devices market is expected to continue to grow, driven by the increasing amount of data being generated by businesses and individuals alike. As a result, market leaders are focusing on developing new technologies that can handle the growing demand for digital storage.
Other recent developments in the market include the launch of new solid-state drives (SSDs) with faster read and write speeds, and the introduction of new cloud-based storage solutions that offer greater scalability and flexibility. With these advancements, the digital storage devices market is set to continue to grow and evolve in the years to come.
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